Global liquid Flavor market is expected to reach USD 11.06 billion by 2022, according to a new report by Grand View Research, Inc. Growth of key end-use industries such as beverages and processed foods is expected to remain a key driving factor for global liquid Flavor market. Increasing consumer awareness regarding detrimental effects of synthetic chemicals in artificial food ingredients has also prompted demand for natural and organic liquid Flavor. Rising disposable income and changing lifestyle of consumers in China, India, Vietnam and Indonesia is also expected to contribute towards market development.
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Artificial flavor liquids were the leading product segment and accounted for 45.7% of total market revenue in 2014. Flavor extracts are expected to witness the highest growth of 5.3% from 2015 to 2022. Growing demand for organic ingredients in beverages and processed food industries is expected to drive this segment over the forecast period.
Further key findings from the report suggest:
Global liquid Flavor market size was valued at USD 7.78 billion in 2014 and is expected to reach USD 11.06 billion by 2022, growing at a CAGR of 4.3% from 2015 to 2022.
Beverages were the leading application segment with demand share exceeding 60% in 2014. Rising demand for liquid Flavor in consumer products such as sports & energy drinks, carbonated beverages & alcoholic drinks to enhance taste and aroma is expected to drive this segment over the forecast period. Processed food is expected to witness the highest growth of 5.4% from 2015 to 2022.
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North America was the leading regional market and accounted for over 35% of global revenue in 2014. The region is characterized by diverse food consumption habits and high awareness among consumers regarding natural Flavor.
Asia Pacific is expected to register highest revenue growth with China and India being the forerunners in the region. Growth of processed foods, dairy products and beverages industries in these countries are expected to drive the regional growth. The region is expected to grow at an estimated CAGR of 6.2% from 2015 to 2022.
The global liquid Flavor market share is dominated by integrated companies such as Symrise AG, Flavor Gourmet, and BioSun Flavor & Food Ingredients. Other companies with significant presence include Frutarom, Takasago, McCormik & Co., and Natures Flavor.
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